In a strategic move to enhance the Philippines’ airport infrastructure, Aboitiz InfraCapital, Inc. (AIC), the infrastructure arm of the Aboitiz Group, on Thursday announced officially assuming full ownership of Aboitiz GMR Megawide Cebu Airport Corporation (AGMCAC), the developer and operator of the Mactan-Cebu International Airport (MCIA).
The acquisition, finalized through an exchange of previously issued P15.5 billion notes from AGMCAC’s partners—Megawide Construction Corporation and GMR Airports International B.V.—enabled AIC to gain control of the remaining 66 and 2/3 percent plus one share of AGMCAC’s outstanding capital stock. This followed AIC’s initial investment of P9.5 billion for a 33 and 1/3 percent minus one share stake in December 2022.
“Completing the acquisition of AGMCAC is a significant step forward in our vision to enhance the Philippines’ airport infrastructure,” said Cosette V. Canilao, AIC president and chief executive. “With full ownership of AGMCAC, we are committed to taking the airport to new heights, delivering exceptional passenger experience, and cementing its status as a world-class gateway.”
Rafael M. Aboitiz, AIC vice president and head of Airports Business, noted the airport’s critical role in the region. “MCIA is more than just an airport; it’s a vital gateway to Cebu and the Philippines. With international and domestic traffic growing by 35 percent and 8 percent year on year, respectively, we will continue to elevate the airport and set new standards for Filipino airport management and operations,” he said.
Since joining the AGMCAC consortium, AIC has pursued several initiatives enhancing passenger experience, including the Silent Airport initiative, which promotes a more serene terminal atmosphere, and the Cebu Connect, designed to streamline airport transfers. This service reduces transfer times significantly—from 90 minutes to 60 minutes for international connections and from 60 minutes to just 35 minutes for domestic transfers.
MCIA’s commitment to sustainability has also been recognized, receiving accolades from international bodies like Airports Council International for innovative projects such as the installation of Bridge-Mounted Equipment, which utilizes on-ground power solutions to cut carbon emissions and fuel costs.
AIC’s acquisition of AGMCAC aligns with its broader strategy to strengthen its airport sector presence and support the revitalization of the Philippines’ tourism industry, ultimately contributing to the country’s economic recovery and growth through transformative infrastructure projects.
